Cecil C. Seymour is a 64-year old widower. He had income for 2022 as follows:
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Cecil C. Seymour is a 64-year old widower. He had income for 2022 as follows:
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- Marie’s father died on July 17, 2022 leaving her the sole beneficiary of his life insurance policy. On November 12, 2022, Marie received the $250,000 lump-sum death benefit from the policy and $225 in interest income on the proceeds. What is the taxable income Marie should report for 2022?Morgan, a widow, recently passed away. The value of her assets at the time of death was $10,109,000. The cost of her funeral was $7,955, while estate administrative costs totaled $49,049. As stipulated in her willI, she left $950,378 to charities. Based on this information answer the following questions: a. Determine the value of Morgan's gross estate. b. Calculate the value of her taxable estate. c. What is her gift-adjusted taxable estate value? d. Assuming she died in 2017, how much of her estate would be subject to taxation? e. Calculate the estate tax liability.Viv is single age made a gift of 40,000 to her friend joe in 2023. How much is Viv"s taxable gift
- Walter owns a whole-life insurance policy worth $55,800 that directs the insurance company to pay the beneficiary $251,000 on Walter's death. Walter pays the annual premiums and has the power to designate the beneficiary of the policy (it is currently his son, James). Required: What value of the policy, if any, will be included in Walter's estate upon his death? Value of policyIn 2018, Max is 85 years of age and single. He received Social Security payments totaling $14,000 (this includes Medicare premium of $600), dividend and interest income of $21,000, a pension of $30,000 and a taxable IRA benefits of $16,000. What is Max's adjusted gross income for 2018? What is his taxable income? What is his tax owed?Diego, age 88, married Dolores, age 60, in 2020. Their salaries for the year amounted to $47,230 and they had Social Security Taxable benefits of $ 12,000 and interest income of $3,500. Diego and Dolores’ deductions for adjusted gross income amounted to $2,000, their itemized deductions were $23,900 and they have no dependents. What is the amount of their adjusted gross income? What is the amount of their itemized deductions or standard deduction? What is the amount of their taxable income? What is their tax liability for 2020?
- b. George and Shirley are married and file a joint return in 2018. During the year, George earns wages of $138,000, and Shirley earns wages of $210,000.Their additional Medicare tax is $.For tax year 2020: George and Nancy were husband and wife. At the time of George's death, they owned the following: land as tenants by the entirety worth $500,000 (purchased by George) and stock as equal tenants in common worth $30,000 (purchased by Nancy). George owned an insurance policy on his life (maturity value of $800,000) with Nancy as the designated beneficiary. George's will passes all his property to Nancy. How much marital deduction is allowed George's estate?Mike is single, age 67, and has gross income of $150,000. His expenses are as follows: Alimony paid (divorce finalized in 2017) $15,000 Charitable Contributions $3,000 • Contribution to Traditional IRA $6,000 • Loss on rental property $7,500 • Interest on home mortgage and property taxes paid on personal residence $7,200 • State income tax $2,200 What is Mike's taxable income?
- Skip is a cash-basis taxpayer. He passed away on June 10, 2021. Which of the following would be included on Skip's final tax return? Interest earned prior to death and received after death. Gain or loss from a sale completed and payment received by the decedent prior to death. Decedent's share of income from an S corporation for the entire year in the year of death. Compensation for services rendered before death and received after deathGreg died on July 1, 2021, and left Lea, his wife, a $45,000 life insurance policy which she elects to receive at $9,000 per year plus interest for 5 years. In the current year, Lea receives $9,500. How much should Lea include in her gross income?Pam retires after 28 years of service with her employer. She is 66 years old and has contributed $ 73,500 to her employer's qualified pension fund, all of which was taxable when earned. She elects to receive her retirement benefits as an annuity of $7,350 per month for the remainder of her life. Click here to access Exhibit 4.1 and Exhibit 4.2. a. Assume that Pam retired in June 2022 and collected six annuity payments that year. What is her gross income from the annuity payments in the first year? Sfill in the blank e73af4f4c06c032_1 Question Content Area b. Assume that Pam lives 25 years after retiring. What is her gross income from the annuity payments in the twenty- fourth year? Sfill in the blank 3100ac02cfa0f9b_1 Question Content Area c. Assume that Pam dies after collecting 160 payments. She collected eight payments in the year of her death. What are Pam's gross income and deductions, if any, from the annuity contract in the year of her death? Income from the annuity payments:…
